Dear Shareholders,

The company incurred losses of KWD 4,314,982 in 2024, and a loss of 7.07 fils per share, compared to losses of KWD 12,212,849 and 20.02 fils per share in the previous year. Shareholders’ equity attributable to the parent company amounted to KWD 51,081,854, compared to KWD 54,210,169 in 2023.

The company continues to effectively implement its new plan, taking necessary steps to restructure assets and enhance its strategy to reduce risks and strengthen its position in the coming years.

As part of its future strategy, the company, in partnership with Mabanee Company and National Industries Group Holding, aims to strengthen its financial position by generating operating profits from the Aventura Project, which is being developed in Jaber Al-Ahmad Residential City (J3) under the supervision of the Public Authority for Housing Welfare, as one of the sustainable community projects currently under construction.

The project’s design vision is to create a new destination with a contemporary identity and an opportunity to enjoy living in a vibrant modern city. It integrates key elements of an inspiring urban environment, including the residential component Aventura Residences, the commercial complex Aventura Mall, and various public facilities and services such as parks.

Aventura Residences spans a built-up area of 65,510 square meters and a total leasable area of 50,000 square meters. It includes 21 rental-only buildings with 276 residential units: 204 apartments (1, 2, and 3 bedrooms) and 72 townhouses divided into 4 sections, each containing 18 townhouses. A residential park has also been designed in a modern community style to align with the new lifestyle.

Adjacent to the residences is Aventura Mall, which covers a built-up area of 295,000 square meters and a total leasable area of 108,200 square meters.

The project is expected to be fully completed in the second quarter of 2026.

In parallel, the company monitored the performance of its current projects and investments during 2024, reassessed them, and developed support plans. It also made decisions to exit certain investments to avoid risks and shift toward a new strategy.

This year, the company exited part of its stake in Kingdom Electricity for Energy Investments, and is currently working on selling part of its stake in the J3 Project, which will help strengthen the company’s financial position and fund the remaining portion of the project.

Regarding dividends, the Board of Directors has recommended not to distribute dividends to shareholders for the 2024 results. We assure you that the financial statements have been prepared in accordance with international standards, accurately reflecting all aspects of the company’s financial position as of December 31, 2024, and its performance for the year then ended.

We have also strengthened the company’s governance system, emphasizing internal control, disclosure, and corporate governance practices. We present to you the 2024 Corporate Governance Report for review, which outlines the requirements, procedures, and level of compliance with governance rules.

We fully recognize the responsibility entrusted to us and reaffirm our commitment to continue working diligently to enhance the company’s position in both local and global markets.

Our sustainable vision aims to create added value for our shareholders. I would like to take this opportunity to express my deep appreciation to the Board members, executive management, and company employees for their continuous efforts toward achieving our goals.

Finally, I extend my sincere thanks to all our shareholders, business partners, government entities, and stakeholders for their commitment to and support of our vision. We ask Almighty God to grant us success and bless our efforts.

Sincerely,

Abdullah Mohammad AlHajri